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apple developer enterprise account for rent:A boost for Toyo Ventures

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THE relatively low-profile Toyo Ventures Holdings Bhd recently came into focus for its US$3.23bil Vietnam power plant contract after a long 12-year wait. The group surprised the market recently with an announcement that it had finally executed the build, operate and transfer (BOT) contract with Vietnam’s Ministry of Industry and Trade (MOIT) for the development of the US$3.23bil (RM13.05bil) Song Hau 2 Thermal Power Plant project. The project was first announced in 2008. The project, known as the Song Hau 2 thermal power plant, involves two electricity generation facilities of 1,060MW each and will be developed on land of 117.39ha. Since the announcement, Toyo’s shares have attracted strong interest and have been climbing steadily. In fact, Bursa Malaysia Securities had on Dec 31, maintained the upper limit for the securities of Toyo Ventures and its warrants after they hit limit-up. Although hardly covered by analysts, shares of Toyo have moved higher in recent days despite the weak broader market. Its share price has appreciated over 94% so far this year. It hit a record high of RM3.89 on Wednesday. The counter closed at RM3.28 yesterday, giving it a market capitalisation of RM350.9mil. An analyst notes that Toyo’s shares have fared quite well, even though the stock typically does not garner too much attention. “It has been a rather stoic performer share price-wise hovering around 30-50 sen for the majority of last year. Its average daily volume has picked up substantially since December 2020, ” the analyst says. Toyo said its wholly-owned Toyo Ink Group Bhd and Toyo Ink’s wholly-owned unit Song Hau 2 Power Co Ltd had executed the contract, which comes with a government guarantee, with the Vietnamese government. On Jan 4, Toyo announced that Song Hau 2 Power Company Limited, a wholly-owned subsidiary of Toyo Ink Group Bhd, had on Dec 31,2020 executed the power purchase agreement (PPA) with Vietnam Electricity (EVN) for the power plant project in Vietnam. The PPA provides for EVN to purchase Song Hau 2 Power to sell electricity generating capacity generated by the facility for 25 years after the commercial operation date. “The project cost is estimated to be approximately US$3.23bil which will be financed via a mix of debt and equity financing, ” Toyo said. Currently, the group is in the midst of reviewing various investments and funding options, including identifying strategic investors and other suitable parties to co-invest in the project. Up to June 30,2020, the group had invested RM387.3mil in the power plant project, it says in its 2020 annual report. Toyo has yet to revert to StarBizWeek queries. Apart from the energy business, the group operates through two business segments, namely, manufacturing and trading and investment holding. Its manufacturing segment includes the manufacturing of printing ink, colour pigment, colourants for plastic and electrical discharge machining (EDM) cut-wire, among others. The group has recently undergone an internal reorganisation exercise and a transfer of the listing status to Toyo to allow for greater ease and flexibility of operating companies and with clear demarcation of roles and functions. For the period from April 1,2019 to June 30,2020, Toyo posted a profit of RM5.55mil on a revenue of RM98.86mil. There are no comparative figures as the group changed its financial year end to June 30 from March 31. The results cover a period of 15 months from April 1 to June 30,2020. It is also worth noting that Toyo has adopted a policy of paying an annual dividend of not more than 60% of its consolidated annual net profit. On Dec 4, the group declared an interim single-tier dividend of two sen per ordinary share amounting to RM2.14mil in respect of the financial period ended June 30,2020. On Sept 30,2019 the group declared a final single-tier dividend of two sen per ordinary share amounting to RM2.14mil in respect of the financial year ended March 31,2019. Interestingly, some shareholders have been disposing of its shares in the open market. Ng Tze Woei, one of the major shareholders, had 7.5 million shares, or a 7.02% stake, as at Oct 28. According to filings with Bursa Malaysia, Ng has been disposing his shares in the open market. On Jan 15, he sold 42,800 shares and another 131,100 shares on Jan 18. He now has a 6.85% stake or 7.33 million shares in Toyo. Group managing director Song Kok Cheong disposed of 50,000 shares in the open market on Jan 18. He now has a 10.8% direct stake in the company. Pembinaan Maju Wangi Sdn Bhd is the largest shareholder in Toyo with 12.15 million shares, or an 11.36% stake as at Oct 28,2020. Lim Guan Lee and Eng Lian Enterprise Sdn Bhd hold 11.06% and 9.09% stake respectively.
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